Online fantasy gaming website BalleBaazi has announced that it has raised US$4 million from two private equity funds, Delhi-based Snap Angel Tech and an unidentified Singapore-based fund.
The company said that the funds will be used to scale up the business and increase the customer base.
BalleBaazi, the fantasy sports brand that is part of the Baazi Games umbrella (which includes poker website PokerBaazi and online rummy portal RummyBaazi) has for the first time raised a funding round from external investors. Earlier this year, the company had stated that its parent company, Baazi Games had pumped in US$1 million worth of funding.
At present, the company, claims to have cemented its position among the top fantasy cricket platforms and boasts of a 3 million user base. Its app is available for Android and iOS users.
Commenting on the announcement, Saurabh Chopra, co-founder & CEO of BalleBaazi.com said, “Online gaming industry in India is growing marvelously and is poised to grow even faster. The potential is huge and the funds will certainly pave way for newer innovations and catalyse our upward journey at BalleBaazi.’’
Navkiran Singh, CEO of Baazi Games, commenting on the development noted, “BalleBaazi has played witness to a tremendous surge in growth during the recently concluded IPL and ICC World Cup 2019. From the signing-up of Yuvraj Singh as the brand ambassador to securing a USD 4 million funding, we are all padded-up for game-defining performance in times to come!”